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MCR appointed administrator of Davenham Group 17 October 2011

The Manchester-based lender today released a statement confirming that David Whitehouse, Philip Duffy and Matthew Bond of MCR have been appointed to deal with the liabilities owed to the group’s banking syndicate.

The company’s shares were suspended on October 3 and the group had declared a loss before tax in its annual accounts for 2010 of £23.3 million.

In the same report, Jamie Kerr-Muir, chairman and group managing director Paul Burke said the results reflected: “an environment that has remained challenging during the year with the group finding it difficult, especially in respect of its property portfolio, to sell assets for value.”

In the joint statement, they added: “The vast majority of the property portfolio has remained non-performing, resulting in reduced income and continued operating losses.”

On 1 March 2010, David Coates stepped down as chief executive of the group and Burke stepped up from group finance director to group MD.

By June, the company had declared its intention to cancel the admission of its securities to the Alternative Investment Market (AIM).

Insolvency News understands that MCR will release an official statement to market tomorrow. 



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